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14.03.2012 08:08

Stocks: Tuesday’s review

Asian stocks rose, with the benchmark index set to gain for a third day in four, amid optimism euro-area finance chiefs will complete a second Greek bailout, and before the release of U.S. retail sales data.

Nikkei 225 9,899.08 +9.22 +0.09%

Hang Seng 21,339.7 +205.52 +0.97%

S&P/ASX 200 4,247.62 +50.93 +1.21%

Shanghai Composite 2,455.79 +20.94 +0.86%

HSBC Holdings Plc, Europe’s biggest bank by market value, rose 1.3 percent in Hong Kong.

Wynn Macau Ltd., a unit of the casino operator founded by billionaire Steve Wynn, jumped 9.1 percent after Deutsche Bank AG said Macau casino revenue may grow 25 percent in 2012.

Camera maker Canon Inc. dropped 0.7 percent in Tokyo, reversing gains, after the Bank of Japan decided against expanding its asset-purchase program and the yen strengthened.

European stocks advanced, with the Stoxx Europe 600 Index climbing to the highest since July 26, as reports showed German investor confidence in March increased more than forecast.

In Germany, the ZEW Center for European Economic Research in Mannheim said its index of investor and analyst expectations, which seeks to predict economic developments six months in advance, rose to 22.3 from 5.4 in February. That’s the fourth straight increase. Economists forecast a gain to 10, according to the median of 36 estimates.

Euro-area finance ministers cleared a second rescue of Greece, paving the way for the first payment from the 130 billion-euro package ($170 billion) to be made this month. Officials will give a formal approval on March 14, a day before the International Monetary Fund board votes on its contribution.

National benchmark indexes rose in all of the 18 western European markets. France’s CAC 40 climbed 1.7 percent and Germany’s DAX added 1.4 percent. The U.K.’s FTSE 100 rose 1.1 percent.

Raiffeisen, eastern Europe’s third-biggest lender, advanced 1.4 percent to 25.20 euros. UniCredit advanced 3.9 percent to 4.05 euros.

Tod’s SpA, the Italian owner of the Hogan brand, jumped 7.2 percent to 84.45 euros. The company reported a 20 percent increase in 2011 earnings before interest, taxes, depreciation and amortization to 232.4 million euros, compared with the average analyst estimate for 230.7 million euros. The company raised its dividend 25 percent to 2.5 euros per share.

Eramet jumped 6 percent to 113.70 euros. Vedanta Resources Plc climbed 4.5 percent to 1,430 pence. Copper, lead, nickel and tin were among metals prices rising in London.

U.S. stocks advanced, sending the Dow Jones Industrial Average to the highest level since 2007, amid data showing that retail sales increased by the most in five months and as JPMorgan Chase & Co. boosted its dividend.

Stocks rose as retail sales increased 1.1 percent in February. The Federal Reserve raised its assessment of the economy as the labor market gathers strength. After the close of trading, the Fed said 15 of the 19 largest U.S. banks could maintain adequate capital levels even in a recession scenario in which they continue paying dividends and buy back stock.

Dow 13,177.68 +217.97 +1.68%, Nasdaq 3,039.88 +56.22 +1.88%, S&P 500 1,395.95 +24.86 +1.81%

JPMorgan (JPM) increased 7 percent to $43.39 after boosting its quarterly dividend by 5 cents to 30 cents a share. The lender also authorized a $15 billion stock repurchase program, with $12 billion approved for 2012.

Bank of America (ВАС) jumped 6.3 percent to $8.49. Goldman Sachs Group rallied 6.5 percent to $124.54.

FactSet Research Systems Inc. advanced 8.6 percent to $98.66. The Norwalk, Connecticut-based financial-data supplier reported second-quarter profit and sales that exceeded analysts’ estimates.

Urban Outfitters Inc. fell 5.3 percent, the most in the S&P 500, to $27.95. The operator of its namesake, Anthropologie and Free People brands reported fourth-quarter earnings that missed the average analyst estimate.

14.03.2012 07:42

Tech on USD/JPY

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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